WEBVTT - John Kerry Explains Why the Glasgow Climate Deal Matters 0:00:08.039 --> 0:00:10.520 Hello, and welcome to Stephanomics, the podcast that brings the 0:00:10.520 --> 0:00:13.760 global economy to you. You probably feel like you've already 0:00:13.760 --> 0:00:17.000 heard plenty about the COP twenty six climate change conference 0:00:17.040 --> 0:00:20.040 in Glasgow the other day. If you've been paying attention, 0:00:20.480 --> 0:00:23.200 you may also remember some of the other COP meetings 0:00:23.640 --> 0:00:26.920 COP twenty one in Paris, and I'll bet you know 0:00:27.000 --> 0:00:31.240 that one. Also memorable for some was COP fifteen in 0:00:31.360 --> 0:00:34.760 Copenhagen a few years before. That considered a bit of 0:00:34.760 --> 0:00:39.600 a flop. But President Biden's Special Envoy on Climate, John Kerry, 0:00:40.000 --> 0:00:42.120 has been at this game so long. He was at 0:00:42.120 --> 0:00:46.239 the Earth Summit in Rio in which led to the 0:00:46.280 --> 0:00:49.240 COP process in the first place. So I was fascinated 0:00:49.280 --> 0:00:53.240 to get his long view on COPY when I spoke 0:00:53.280 --> 0:00:55.040 to him on the last day of the New Economy 0:00:55.040 --> 0:00:58.160 Forum last week. I also watched to find out what 0:00:58.360 --> 0:01:03.400 that much trumpeted US China statement on climate cooperation was 0:01:03.440 --> 0:01:07.280 actually going to achieve. He negotiated it, after all. We 0:01:07.319 --> 0:01:09.840 have an edited version of that conversation in a little while. 0:01:10.360 --> 0:01:13.640 I'll also be asking our Eurozone economist may VERA. Kusa, 0:01:14.240 --> 0:01:18.559 why decarbonizing the economy could be a recipe for higher inflation. 0:01:19.319 --> 0:01:23.880 But first something very different and important and thoughtful report 0:01:24.360 --> 0:01:28.680 from Frankfurt based economy reporter Carolyn look on a subject 0:01:28.920 --> 0:01:32.520 we haven't touched on before here on stephanomics, the economic 0:01:32.560 --> 0:01:36.640 impact of violence against women. I should warn you this 0:01:36.680 --> 0:01:49.840 piece does discuss experiences of domestic violence, medicraft, and I 0:01:49.880 --> 0:01:54.040 don't have the energy and courage I once had, even 0:01:54.120 --> 0:01:59.480 after a thousand therapies. It's broken and it's horrible because 0:01:59.480 --> 0:02:02.720 that's something to have to live with. You can't change it. 0:02:04.920 --> 0:02:09.799 Tanya is vivacious, adventurous, has an infectious laugh. In her 0:02:09.800 --> 0:02:12.760 own words, She's a tough woman, one who worked many 0:02:12.760 --> 0:02:16.240 different jobs when she was younger, first as a medical assistant, 0:02:16.440 --> 0:02:20.800 than as an alternative medical practitioner, and later organizing events 0:02:20.800 --> 0:02:24.720 and concerts in her native Hamburg. She always dreamed of 0:02:24.800 --> 0:02:28.120 leaving Germany and moving abroad, and, like many of us, 0:02:28.240 --> 0:02:32.160 of being cared for. She thought she found that when 0:02:32.200 --> 0:02:35.560 she met her ex boyfriend about two decades ago. He 0:02:35.720 --> 0:02:38.359 was eight years her senior and seemed like the first 0:02:38.400 --> 0:02:43.200 man who really loved her. Now fifty two, Tanya realizes 0:02:43.280 --> 0:02:46.560 it wasn't all that it seemed. Though. Tanya is not 0:02:46.639 --> 0:02:51.760 her real name, which we've changed for her protection. In 0:02:53.919 --> 0:02:56.320 I wasn't the first woman he beat up or was 0:02:56.440 --> 0:03:00.440 violent against. There were apparently a few before me, and 0:03:00.520 --> 0:03:03.000 he tell people in advance that I was mentally ill 0:03:03.120 --> 0:03:06.600 and hysterical, just so that when he beat me up 0:03:07.000 --> 0:03:18.560 he could say, yeah, I told you she's crazy. The 0:03:18.600 --> 0:03:22.200 abuse began early in their relationship. Tanya broke up with 0:03:22.280 --> 0:03:24.600 him at one point, but gave him a second chance. 0:03:25.360 --> 0:03:28.080 They eventually decided to leave Germany and live in a 0:03:28.120 --> 0:03:31.120 mobile home on the Greek island of Crete, which for 0:03:31.240 --> 0:03:35.040 many would seem like a romantic adventure, but while there, 0:03:35.520 --> 0:03:38.680 he locked her up, beat her, and later abandoned her 0:03:38.680 --> 0:03:41.600 on a beach, leaving her desperate and helpless in a 0:03:41.640 --> 0:03:46.160 foreign country with few avenues for support. She felt she 0:03:46.200 --> 0:03:49.240 had no choice but to return to Germany with him, 0:03:49.280 --> 0:03:51.400 and it was only there that she managed to end 0:03:51.440 --> 0:03:54.080 the two year nightmare when a colleague gave her a 0:03:54.120 --> 0:03:59.320 place to stay. The violence Tanya had to experience is 0:03:59.400 --> 0:04:03.920 unfortunately far from rare. One in three women experienced some 0:04:04.080 --> 0:04:07.320 form of physical or sexual violence by an intimate partner 0:04:07.480 --> 0:04:12.240 or non partner, according to the World Health Organization. While 0:04:12.280 --> 0:04:15.320 the issue is sometimes framed as a personal issue and 0:04:15.400 --> 0:04:18.719 one that's more common in developing countries, It's actually pervasive 0:04:18.760 --> 0:04:23.200 across countries and carries deep emotional and economic costs, both 0:04:23.240 --> 0:04:27.400 for victims and for wider society. Companies have started waking 0:04:27.480 --> 0:04:29.800 up to this fact after a number of studies showed 0:04:29.800 --> 0:04:33.560 how domestic abuse incurs both direct and indirect costs for 0:04:33.600 --> 0:04:37.960 the economy, beyond the already substantial legal bills, health and 0:04:38.000 --> 0:04:43.240 shelter costs. Victims naturally lose productivity when they suffer domestic abuse, 0:04:43.640 --> 0:04:47.960 or might miss work altogether. In two thousand nineteen, Vodafone 0:04:48.000 --> 0:04:50.479 became the first company to offer ten days of paid 0:04:50.520 --> 0:04:54.080 leave to victims, and this year Facebook followed with twenty 0:04:54.160 --> 0:04:58.400 days of paid leave. Here's chief operating officer Cheryl Sandberg 0:04:58.480 --> 0:05:01.760 speaking on the day the policy was announced. This is 0:05:01.800 --> 0:05:06.839 something that affects everyone, including our employees. It's a situation 0:05:06.839 --> 0:05:10.200 where you need paid time off, and not just for yourself, 0:05:10.560 --> 0:05:14.039 but for a loved one. And we're hoping, we're hoping that, 0:05:14.240 --> 0:05:17.680 um this is a problem other companies will start tackling 0:05:17.720 --> 0:05:23.040 as well. A huge part of the problem, as Tanya's 0:05:23.080 --> 0:05:25.760 case showed, is that attitudes in the workplace are often 0:05:25.800 --> 0:05:28.560 a huge deterrent to getting support in the first place. 0:05:29.520 --> 0:05:32.880 When she left her violent partner, several of her male 0:05:32.920 --> 0:05:35.960 colleagues initially took turns driving her to and from work 0:05:36.040 --> 0:05:38.880 to keep her safe, but none of them actually talked 0:05:38.880 --> 0:05:42.800 to her, she says, or seemed to care very much. Eventually, 0:05:42.960 --> 0:05:45.520 her boss began harassing her and she had to quit 0:05:45.560 --> 0:05:53.559 her job. After my experience with domestic violence, I wanted 0:05:53.600 --> 0:05:56.839 to make decisions for myself. I didn't want to be 0:05:56.880 --> 0:06:05.000 an employee somewhere and let someone have power over Nowadays, 0:06:05.080 --> 0:06:08.400 Tanya as a freelance designer. It doesn't pay much, but 0:06:08.520 --> 0:06:11.320 she'd rather do that than share control with a workplace 0:06:11.400 --> 0:06:16.760 that doesn't have her best interests in mind. Employers could 0:06:16.760 --> 0:06:19.800 actually do a lot to help victims. After all, where 0:06:19.839 --> 0:06:21.800 we work is where we spend one of the largest 0:06:21.839 --> 0:06:25.840 portions of our time. That's according to Jane Pillinger, an 0:06:25.839 --> 0:06:28.919 independent gender expert who worked with the u N and 0:06:29.080 --> 0:06:33.680 it's International Labor organization on domestic violence policy. One of 0:06:33.720 --> 0:06:36.000 the really interesting things from the work that I've been 0:06:36.040 --> 0:06:40.279 involved in with trade unions and with companies across the 0:06:40.320 --> 0:06:44.560 world is just how relevant it is to be doing 0:06:44.600 --> 0:06:49.039 awareness raising in the workplace, giving people the tools to 0:06:49.080 --> 0:06:52.479 spot the signs, to communicate with somebody who's who's experiencing 0:06:52.480 --> 0:06:55.440 domestic abuse, because you might not be able to solve 0:06:55.480 --> 0:06:58.000 the problem, but you can open the door to helping 0:06:59.000 --> 0:07:02.760 somebody take the first step to surviving to mystic abuse. 0:07:05.279 --> 0:07:09.320 In Germany, where Tanya is from, flawed attitudes about partner 0:07:09.400 --> 0:07:13.120 violence run deep. A recent study by an organization called 0:07:13.120 --> 0:07:17.160 front Line one hundred surveyed hundreds of business owners, managers, 0:07:17.160 --> 0:07:20.600 and executives and showed that one in four believed that 0:07:20.640 --> 0:07:24.400 there are reasons that can justify physical violence against a partner. 0:07:25.760 --> 0:07:30.080 The survey respondents, who were mostly men, most often selected 0:07:30.080 --> 0:07:34.240 reasons such as not completing one's housework or refusing to 0:07:34.320 --> 0:07:39.680 have sex with the other as justifying such violence. German 0:07:39.720 --> 0:07:44.280 women's attitudes are just as concerning. Nearly twenty of women 0:07:44.400 --> 0:07:47.680 consider a husband to be justified in hitting or beating 0:07:47.760 --> 0:07:51.440 his wife, according to a two thousan c D report. 0:07:52.280 --> 0:07:56.000 That's more than in any other country in Europe. The 0:07:56.040 --> 0:07:59.160 bottom line of all this is that blindness towards the 0:07:59.200 --> 0:08:04.000 troubling in sequences of domestic abuse is costing economies billions. 0:08:04.520 --> 0:08:08.400 The European Institute for Gender Equality estimates that the cost 0:08:08.440 --> 0:08:12.080 of gender based violence across the European Union is three 0:08:12.120 --> 0:08:16.400 hundred sixty six billion euros a year. Sylvia Sako, a 0:08:16.480 --> 0:08:20.240 professor at the Brandenburg University of Technology, has studied the 0:08:20.280 --> 0:08:23.800 cost of domestic violence in Germany and says that companies 0:08:23.880 --> 0:08:26.040 need to do much more to stand up for victims. 0:08:27.360 --> 0:08:30.360 Here she is discussing one case she was involved in 0:08:30.360 --> 0:08:34.200 in which a female stalking victim spent years trying unsuccessfully 0:08:34.200 --> 0:08:40.960 to get help. You have done on She already exhausted 0:08:41.000 --> 0:08:44.960 all sorts of police measures and everything was unsuccessful. She 0:08:45.080 --> 0:08:47.960 then lost her job. She became chronically ill for a 0:08:47.960 --> 0:08:51.640 long time, and then years later turned to the employer 0:08:51.720 --> 0:08:54.839 of the stalker. I eat the perpetrator and asked him 0:08:55.000 --> 0:09:03.120 for a conversation. The perpetrator's boss ended up confronting his 0:09:03.160 --> 0:09:06.360 employee about his actions, and it was only then that 0:09:06.440 --> 0:09:09.839 the starking finally stopped after years of trying to get help. 0:09:10.720 --> 0:09:13.719 Here's Jane Pillinger again. I suppose you know a lot 0:09:13.720 --> 0:09:17.559 of employers have said, why is it my responsibility, it's 0:09:17.559 --> 0:09:20.600 a private issue in the home. Well, it's it is 0:09:20.640 --> 0:09:23.319 a private issue in the home, but you know it 0:09:23.440 --> 0:09:27.960 spills over into the workplace, and that's the issue for 0:09:28.000 --> 0:09:44.320 Bloomberg News. I'm Caroline luck Are now as advertised, here's 0:09:44.360 --> 0:09:48.040 that conversation with Presidential Special Envoy on Climate Change John 0:09:48.120 --> 0:09:51.760 Kerry for the Bloomberg New Economy Forum. One of the 0:09:52.360 --> 0:09:57.360 I guess relatively few positive surprises out of the Glasgow 0:09:58.040 --> 0:10:04.440 Summit was the US China Joint Glasgow Declaration on Climate 0:10:05.480 --> 0:10:08.640 enormous symbolic significance. Clearly there haven't been a lot of 0:10:08.720 --> 0:10:11.960 joint US China or anything for a while. But what 0:10:12.360 --> 0:10:15.560 practical difference when we look at the words in that document, 0:10:15.600 --> 0:10:18.240 what practical difference are they going to make to the 0:10:18.240 --> 0:10:24.880 battle to contain climate change? Stephanie, the China Agreement is, 0:10:24.960 --> 0:10:29.080 in fact, I think significant. I'm not saying that because 0:10:29.840 --> 0:10:34.240 negotiated it with Shia Jama, who is a long time 0:10:34.640 --> 0:10:37.520 associate and friend. He and I know each other quite 0:10:37.520 --> 0:10:41.800 well over twenty plus years UM and we've worked at this, uh, 0:10:42.200 --> 0:10:48.839 this issue. UH. The agreement is five pages that lay 0:10:48.880 --> 0:10:54.400 out our cooperative effort not just on methane and CEO two, 0:10:54.559 --> 0:10:59.040 but also on deforestation and the creation of a working 0:10:59.080 --> 0:11:03.920 group between our two countries which we are now immediately 0:11:04.040 --> 0:11:07.480 going to begin to activate. And I hope that our 0:11:07.559 --> 0:11:12.200 working together will increase the sharing of data, increase the 0:11:12.200 --> 0:11:17.600 sharing of of options, and begin to engage us in 0:11:17.640 --> 0:11:20.680 a very important dialogue with the top leadership of both 0:11:20.679 --> 0:11:25.439 of our countries. UM And and that's our hope. But importantly, 0:11:26.679 --> 0:11:32.080 the agreement is quite specific in addressing methane with a 0:11:32.120 --> 0:11:36.000 specific date for action. And the pledge is that we 0:11:36.040 --> 0:11:41.480 will reduce methane by on a global basis, which doesn't 0:11:41.520 --> 0:11:44.440 mean any individual country is doing the percent, but in 0:11:44.559 --> 0:11:49.920 contributed global aggregation we will get a thirty percent reduction 0:11:49.960 --> 0:11:55.040 on a global basis. And and trying to agreed UM 0:11:55.080 --> 0:11:58.480 to work with us to lay out an ambitious these 0:11:58.559 --> 0:12:03.040 these are the words AMBITI a national action plan which 0:12:03.160 --> 0:12:07.640 China must submit and and begin acting on by copy 0:12:07.720 --> 0:12:11.360 seven a year from now in uh in Charmel Shake. 0:12:12.240 --> 0:12:16.160 So if we were to do the thirty percent reduction 0:12:16.440 --> 0:12:22.120 of methane on a global basis by as Fati Birol 0:12:22.240 --> 0:12:24.280 of the I e A has made clear to us, 0:12:24.920 --> 0:12:28.520 that is the equivalent of taking all the cars of 0:12:28.559 --> 0:12:31.040 the world, all the trucks of the world, all the 0:12:31.080 --> 0:12:34.000 ships of the world, all the planes of the world 0:12:34.640 --> 0:12:39.920 to zero emissions. By so you can get a sentence 0:12:39.960 --> 0:12:42.760 of the enormity of what the reduction of methane can mean. 0:12:42.840 --> 0:12:46.760 It's about a point to degree reduction in the rise 0:12:46.880 --> 0:12:51.040 of the Earth's temperature and it's the single biggest, fastest 0:12:51.440 --> 0:12:54.880 grab that we can make for dealing with this problem. 0:12:54.920 --> 0:12:58.960 The third thing that the agreement does is sets a 0:12:59.080 --> 0:13:05.120 date currently for when China, in the commencement of its 0:13:05.160 --> 0:13:12.880 fifteen five year plant, begins to phase down the consumption 0:13:12.880 --> 0:13:16.559 of coal and does so with an agreement with us 0:13:17.280 --> 0:13:21.800 that together we will work to make best efforts to 0:13:21.920 --> 0:13:27.480 accelerate the reduction the phase out of coal. So all 0:13:27.520 --> 0:13:30.400 of what we do in Glasgow, or did in Glasgow 0:13:30.480 --> 0:13:35.440 obviously results in words reduced to paper, but that is 0:13:35.480 --> 0:13:38.760 what brought us to Glasgow, that is what resulted in 0:13:38.800 --> 0:13:43.319 the submission of a National Determined Contributions or n d 0:13:43.480 --> 0:13:47.880 c s the production of emissions. It's the words translated 0:13:47.920 --> 0:13:53.920 into actions that actually resulted in our committing to additional 0:13:54.000 --> 0:13:58.000 funds forty a doubling of the amount of money that 0:13:58.040 --> 0:14:02.120 goes into adaptation of significant recognition of the challenge of 0:14:02.240 --> 0:14:06.320 loss and damages with the beginning of a dialogue that 0:14:06.320 --> 0:14:09.080 will take place over the next year to figure out 0:14:09.120 --> 0:14:19.200 how we deal with that. You mentioned the sums for 0:14:19.320 --> 0:14:23.960 adaptation and mitigation for the developing countries. That was one 0:14:24.040 --> 0:14:28.880 aspect of this agreement that certainly felt short and for 0:14:28.960 --> 0:14:32.520 many who were there through all of the negotiations left 0:14:32.520 --> 0:14:34.840 a kind of bitter taste in their in their mouths, 0:14:34.880 --> 0:14:39.760 because it felt that it seemed too many that very 0:14:39.800 --> 0:14:43.440 little progress have been made in really offering developing countries 0:14:43.480 --> 0:14:48.200 a path two develop as well as be part of 0:14:48.240 --> 0:14:53.080 this climate action. Do you understand those who felt disappointed 0:14:53.080 --> 0:14:55.880 by what came out of it, the lack of actual 0:14:56.000 --> 0:14:58.720 money on the loss and damage and the failure to 0:14:58.800 --> 0:15:01.800 even meet the hundred billion dollar target, which you've admitted 0:15:01.880 --> 0:15:04.760 was is nothing in the scheme of things of what's 0:15:04.800 --> 0:15:06.760 going to be needed. Well, look, let me let me 0:15:06.800 --> 0:15:09.840 be more Stephanie. I'm glad you asked the question because 0:15:09.880 --> 0:15:12.920 I really wanted to tackle that. You know, the hundred 0:15:12.920 --> 0:15:15.920 billion was a goal. It's become a target, but it 0:15:16.000 --> 0:15:18.520 was a goal. It was pulled out of the air 0:15:18.600 --> 0:15:22.920 by Gordon Brown. I think in Copenhagen Uh. Where they 0:15:22.920 --> 0:15:26.000 were trying to find agreement and and they decided to 0:15:26.120 --> 0:15:30.320 be a hundred billion. We accepted that in Paris when 0:15:30.440 --> 0:15:33.360 we negotiated it. But as I said, it was the 0:15:33.400 --> 0:15:36.920 goal of a hundred billion. When I took this job on, 0:15:37.480 --> 0:15:43.800 we were at sixty seven billion for the year. Uh 0:15:44.760 --> 0:15:48.120 excuse me, And um, that's the first year the Biden 0:15:48.120 --> 0:15:52.120 administration could step up, Folks. A guy named Donald Trump 0:15:52.200 --> 0:15:55.120 cut all the funding, and a guy named Donald Trump 0:15:55.160 --> 0:15:58.120 pulled out of the agreement. And so when Joe Biden 0:15:58.160 --> 0:16:00.560 became president, the first budget he is in front of 0:16:00.600 --> 0:16:03.600 them is that budget we're working on right now. And 0:16:03.680 --> 0:16:07.360 we put eleven point four billion into that, doubling the 0:16:07.440 --> 0:16:11.040 already doubling that Joe Biden had engaged in. Even as 0:16:11.040 --> 0:16:13.600 we're trying to get our own country back on track 0:16:14.000 --> 0:16:15.760 and do the things we need to do to get 0:16:15.760 --> 0:16:20.360 the job done. We've had, we've accepted a fifty production. 0:16:21.040 --> 0:16:24.400 We are legitimately on track to keep one point five 0:16:24.480 --> 0:16:28.800 degrees alive. And I personally which more energy was spent 0:16:29.200 --> 0:16:31.960 focusing on some of the countries that didn't submit in 0:16:32.120 --> 0:16:36.040 d c s or folks and big countries, and focusing 0:16:36.080 --> 0:16:38.520 on the countries that are not on a one point 0:16:38.520 --> 0:16:42.720 five track, but indeed are going to be uh, you know, 0:16:43.160 --> 0:16:46.920 putting more emissions into the into the atmosphere over the 0:16:46.960 --> 0:16:50.760 course of the next number of years. So the reality 0:16:50.880 --> 0:16:55.240 is we got up to nine to ninety seven billion 0:16:55.640 --> 0:16:58.360 according to the o E c D for next year, 0:16:58.840 --> 0:17:01.880 and if we can come pleat the budget that we 0:17:01.920 --> 0:17:04.800 have coming in, then we'll be over the hundred billion 0:17:04.840 --> 0:17:07.679 for next year. So we are making good in the 0:17:07.720 --> 0:17:09.840 first year that we have an opportunity need to do 0:17:09.960 --> 0:17:13.520 something with the budget. In addition, loss and damage does 0:17:13.560 --> 0:17:16.479 not even have been accepted at a major part of 0:17:16.520 --> 0:17:18.879 the agreement that we accepted the idea that it is 0:17:18.920 --> 0:17:21.359 important to deal with and that we do have to 0:17:21.400 --> 0:17:24.199 have a dialogue. But look, if we don't want to 0:17:24.200 --> 0:17:27.399 shut the entire United States Congress down on putting money 0:17:27.400 --> 0:17:32.240 into climate, we can't accept the opening of the liability 0:17:32.280 --> 0:17:34.159 which is going to tie up the courts and the 0:17:34.200 --> 0:17:37.400 structure and not get the money we need for adaptation 0:17:37.440 --> 0:17:40.600 and resilience. So we really ought to be putting more 0:17:40.640 --> 0:17:45.639 effort into adaptation and resilience where we are doubling the money. 0:17:45.640 --> 0:17:49.840 But the bigger issue, folks, is not a hundred billion dollars. 0:17:50.640 --> 0:17:53.520 That's peanuts compared to what we have to be doing here. 0:17:54.160 --> 0:17:56.240 And the fact is that we went to the top 0:17:56.280 --> 0:18:01.400 banks in the United States. I personally engage with Goldman Acts, Morgan, Stanley, 0:18:01.440 --> 0:18:06.879 well Spargo, City, uh JP, Morgan, Bank of America, and 0:18:07.040 --> 0:18:10.320 those six banks have committed that over the next ten 0:18:10.400 --> 0:18:15.479 years they're prepared and will invest four point one six 0:18:15.520 --> 0:18:20.080 trillion dollars in this transition. In addition, Larry Fink at 0:18:20.119 --> 0:18:22.040 black Rock says he's going to put at least a 0:18:22.119 --> 0:18:25.760 trillion in and and others will. And there's a Global 0:18:26.200 --> 0:18:29.720 Finance Alliance which Mark Karney has has been working with, 0:18:30.160 --> 0:18:34.240 which has tens of trillions allegedly of additional money. We 0:18:34.359 --> 0:18:37.320 have to find a way to deploy that money. That 0:18:37.400 --> 0:18:41.320 money is not giveaway, it's not concessionaire, it's ready to invest. 0:18:42.160 --> 0:18:46.680 So countries bear responsibility to also step up and make 0:18:46.720 --> 0:18:50.399 sure that they have the transparency and the contracting and 0:18:50.480 --> 0:18:54.320 the p p a s and the ability to be 0:18:54.400 --> 0:18:59.800 able to make those trillions into deployable investment bankable money. 0:19:00.280 --> 0:19:01.920 You know as well as I do that a lot 0:19:01.960 --> 0:19:04.919 of the money that's needed is needed in developing countries, 0:19:04.960 --> 0:19:08.639 and there's no commitment from those big financial institutions to 0:19:09.280 --> 0:19:11.720 take the money to where it's going to be really needed. 0:19:11.760 --> 0:19:13.880 If you're if you were Prime Minister Modi, we had 0:19:13.880 --> 0:19:18.040 a rather probably what you would consider a minimum commitment 0:19:18.080 --> 0:19:21.400 from India at the cop But if you were Prime 0:19:21.400 --> 0:19:24.679 Minister of India, would you have said anything different? Have 0:19:24.760 --> 0:19:27.000 you been given any reason by the rest of the 0:19:27.040 --> 0:19:31.800 world to be more ambitious in your domestic target when 0:19:31.840 --> 0:19:35.360 you're also looking at a new to developing I understand 0:19:35.440 --> 0:19:38.120 Prime Minister Money. I've met with them several times this year. 0:19:38.520 --> 0:19:41.720 We formed a partnership to help India be able to 0:19:41.800 --> 0:19:45.520 deploy at four hundred and fifty gigawatts of renewable power, 0:19:45.960 --> 0:19:50.639 and we've agreed to bring finance and technology to the table. 0:19:51.760 --> 0:19:55.040 We will need India's governmental help to be able to 0:19:55.080 --> 0:19:58.840 make sure that the land is available either lease or sale, 0:19:59.200 --> 0:20:02.639 that the transmit lines can move across one state to 0:20:02.720 --> 0:20:06.679 another UH and obviously this is a two way street 0:20:06.760 --> 0:20:10.479 to some degree. But in addition to that, yeah, we 0:20:10.560 --> 0:20:15.439 have foreign assistance programs. We have the Development Finance Corporation, 0:20:15.480 --> 0:20:18.480 which will have several billions of dollars that it is 0:20:18.520 --> 0:20:23.240 already currently financing projects in less developed countries around the world. 0:20:23.720 --> 0:20:27.159 But the real fight here, folks, let's we're gonna be 0:20:27.200 --> 0:20:30.639 real about this. We we have been a leading nation 0:20:31.119 --> 0:20:38.040 in consistently assisting other countries to develop. But figure, please 0:20:38.080 --> 0:20:44.840 focus on this. Twenty countries equal of all the emissions. 0:20:45.119 --> 0:20:50.200 They're basically your g twenty though not exclusively those those 0:20:50.280 --> 0:20:54.520 twenty countries, they're the greatest responsibility for helping to solve 0:20:54.560 --> 0:20:57.960 this crisis right now. And the fact is that no 0:20:58.160 --> 0:21:02.440 country really accepted as included that this was a genuine 0:21:02.440 --> 0:21:08.080 crisis until when we all went to Rio and formed 0:21:08.760 --> 0:21:11.560 the process by which we now meet every year for 0:21:11.640 --> 0:21:15.159 twenty six years. But the truth is a lot of 0:21:15.200 --> 0:21:19.200 countries decided to grow with coal, not with nuclear, not 0:21:19.320 --> 0:21:23.520 with gas, not with other alternatives. And coal is the 0:21:23.600 --> 0:21:28.400 primary culprit today in warming the planet and in polluting 0:21:28.440 --> 0:21:32.560 the air, and in creating the intensity of the storms 0:21:32.600 --> 0:21:36.240 that comes with the increased moisture that rises from the oceans. 0:21:36.320 --> 0:21:38.879 And we have to start where the greatest amount of 0:21:38.880 --> 0:21:41.840 emissions are if we're going to win the battle. So 0:21:43.080 --> 0:21:48.520 if more than of those twenty countries are now committed 0:21:48.520 --> 0:21:51.639 to a one point five degree track. And what we 0:21:51.760 --> 0:21:53.760 have to do is go to the countries where the 0:21:53.800 --> 0:21:57.040 greatest amount of emissions are and begin to reduce the 0:21:57.080 --> 0:22:00.480 greatest amount of missions the fastest we can, as fast 0:22:00.520 --> 0:22:06.680 as we can, and and that means China, Russia, India, Mexico, 0:22:07.119 --> 0:22:11.240 South Africa, Brazil. You know a group of country Indonesia, 0:22:11.800 --> 0:22:15.080 and those are the countries we've been doing climate diplomacy with. 0:22:16.240 --> 0:22:20.199 South Africa has accepted a new plan. But we have 0:22:20.359 --> 0:22:22.840 to all of us be able to put the deals 0:22:22.880 --> 0:22:26.960 together that will that will phase out their coal fast 0:22:27.320 --> 0:22:31.400 and provide the alternative renewable energy. The truth is that 0:22:31.840 --> 0:22:35.879 if India were to deploy the fifty gigawatts of renewable energy, 0:22:36.960 --> 0:22:40.520 then India's in compliance with one point five degrees. So 0:22:40.760 --> 0:22:44.520 this can happen. It will take all of us working together. 0:22:51.400 --> 0:22:54.639 You talked about the importance of US leadership here, which 0:22:54.680 --> 0:22:59.199 is clear. Commitments to this agenda didn't used to be 0:22:59.240 --> 0:23:02.040 a partisan issue in the US, but it sure is now. 0:23:02.880 --> 0:23:06.000 If you looked at the polls, if you look at 0:23:06.040 --> 0:23:10.240 the recent election results in Virginia and elsewhere, you would 0:23:10.280 --> 0:23:15.800 say the Democrats are overwhelming underdogs for next year's election, 0:23:16.160 --> 0:23:19.960 and at this point for the next presidential election. Why 0:23:20.000 --> 0:23:22.560 should the rest of the world believe this leadership is 0:23:22.600 --> 0:23:25.720 going to continue beyond the next two or three years 0:23:25.880 --> 0:23:28.240 in this crucial period for the very simple reason that 0:23:28.320 --> 0:23:31.520 the marketplace is going there, whether the government does or not. 0:23:32.480 --> 0:23:35.719 This is going to be a global revolution, and I 0:23:35.800 --> 0:23:38.800 believe that transformation is going to be so far. Look, 0:23:39.119 --> 0:23:41.960 General Motors and Ford Motor Company have already announced they're 0:23:41.960 --> 0:23:46.879 gonna only produce electric cars by by They're gonna have 0:23:46.920 --> 0:23:50.560 fifty of their cars are going to be produced our elector. 0:23:51.119 --> 0:23:53.119 So I'm just telling you you think they're going to 0:23:53.200 --> 0:23:56.359 spend hundreds of millions of dollars retooling those plants for 0:23:56.480 --> 0:23:59.879 electric and then turn around because some politician comes in 0:24:00.320 --> 0:24:04.320 and wants to deny science. Again. No, what we're doing 0:24:04.359 --> 0:24:07.359 in the United States has nothing to do with politics 0:24:07.359 --> 0:24:10.840 and ideology. It has everything to do with mathematics and physics. 0:24:11.680 --> 0:24:15.080 And if you understand mathematics and physics and you believe 0:24:15.160 --> 0:24:18.879 the science, this is gonna happen because it's gonna happen 0:24:18.920 --> 0:24:21.320 in all the rest of the world, and the United 0:24:21.359 --> 0:24:23.760 States is not stepping up to say, hey, we're the 0:24:23.840 --> 0:24:27.200 leader here. This is everybody's got to be leaders here. 0:24:27.240 --> 0:24:30.240 Everybody's gonna step in together. But we are here to 0:24:30.280 --> 0:24:32.800 make up for the deficit of a guy who didn't 0:24:32.880 --> 0:24:36.479 understand science and didn't have any economic rationale and who 0:24:36.560 --> 0:24:38.879 pulled out of the Paris Agreement and hurt the world 0:24:38.920 --> 0:24:41.440 in doing that. And we don't have any time for that. 0:24:41.880 --> 0:24:44.080 So we're gonna come back. We're gonna do everything in 0:24:44.080 --> 0:24:47.560 our power because our citizens are as exposed as citizens 0:24:47.560 --> 0:24:50.880 everywhere else in the world. I mean, if, if, if, 0:24:50.640 --> 0:24:55.239 if leaders don't grab onto this baton, they're gonna get 0:24:55.320 --> 0:24:59.240 thrown out because the public understands what's happening and they're 0:24:59.280 --> 0:25:03.280 demanding action from all of us. So I believe no 0:25:03.480 --> 0:25:08.359 politician in four is going to step up. And besides, 0:25:08.840 --> 0:25:12.480 it's way too premature to be making any speculations about 0:25:12.520 --> 0:25:16.080 I can't believe what's going on. Prison Biden is going 0:25:16.119 --> 0:25:21.159 to pass his next piece of legislation, and together with 0:25:21.280 --> 0:25:25.320 his infrastructure bill, that's gonna put about two trillion plus dollars, 0:25:25.840 --> 0:25:27.879 much of which is going to go to climate action 0:25:27.920 --> 0:25:31.000 in the United States. And even while Donald Trump pulled 0:25:31.040 --> 0:25:35.399 out of the agreement, the vast majority. Thirty seven governors 0:25:35.800 --> 0:25:39.040 in the United States, Republican, the Democratic like continued to 0:25:39.040 --> 0:25:42.840 stay in the Paris Agreement. Over a thousand mayors continued 0:25:42.880 --> 0:25:46.159 to stay in the Paris Agreement. And they you know, 0:25:47.240 --> 0:25:50.439 as I say, America's stayed in that agreement. And and 0:25:50.560 --> 0:25:55.240 fully ninety of the new energy being brought online around 0:25:55.320 --> 0:25:59.800 the world today is online because of renewables. This is 0:26:00.040 --> 0:26:04.120 happening without government. It's happening because the marketplace has made 0:26:04.160 --> 0:26:06.919 a decision. That's where we have to go. And with 0:26:07.040 --> 0:26:12.359 disclosure and and trading mechanisms and pricing of carbon and 0:26:12.440 --> 0:26:16.480 see bam coming at us. Believe me, folks, Uh, no 0:26:16.680 --> 0:26:20.840 one politician can undo what is about to happen. Well, 0:26:20.880 --> 0:26:24.439 that's an emphatic note on which to begin our final 0:26:24.600 --> 0:26:28.720 day of deliberations. John Kerry, Special Presidential Envoy for Climate, 0:26:28.720 --> 0:26:30.720 thank you very much for joining us. I have to 0:26:30.800 --> 0:26:42.159 do really so I wanted to stick with the same 0:26:42.200 --> 0:26:45.280 theme to pick up on some work that Bloomberg Economists 0:26:45.320 --> 0:26:48.840 have done on the economic implications of climate change, with 0:26:48.880 --> 0:26:52.919 one of the authors, Eurozone economist Mayva Kuza, friend of 0:26:52.960 --> 0:26:57.560 the podcast Neva. So you're basically thinking through you know 0:26:58.480 --> 0:27:01.000 what the kinds of things that we hear about. It's 0:27:01.200 --> 0:27:05.120 a cop tow any six in Glasgow. Where countries are 0:27:05.119 --> 0:27:10.080